Development Loan (Amendment) Bill

Bill No. 9/1985

Read the first time on 23rd July 1985.

An Act to amend the Development Loan Ordinances (No. 50 of 1959 and No. 7 of 1961) and the Development Loan Acts (Chapter 66 of the Revised Edition, No. 6 of 1972, No. 18 of 1974, No. 1 of 1978 and No. 1 of 1983).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title

1. This Act may be cited as the Development Loan (Amendment) Act 1985.

Amendment to Development Loan Ordinances and Acts

2. The Development Loan Ordinances and Acts set out in the first column of the Schedule are amended by inserting the following new subsection in the manner set out in the second column of the Schedule:

“(1A) Notwithstanding the provisions of subsection (1), the Minister may from time to time appropriate out of the Consolidated Fund money for the purpose of making additional contributions to the sinking fund established under subsection (1):

Provided that the total amount in the sinking fund with the additional contributions does not exceed the outstanding principal moneys represented by the stock and bearer bonds.”.

Validation

3. All appropriations from the Consolidated Fund made prior to the commencement of this Act to any sinking fund established under any of the Ordinances and Acts set out in the first column of the Schedule shall be deemed to have been lawfully made in accordance with the provisions of those Ordinances and Acts as amended by this Act.

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